| VOL. 23, NO. 19||APRIL 3, 1998 |
Columbia Receives Top Credit Rating
iting increased selectivity, an expanded endowment, successful fund-raising, and effective financial strategies, Standard & Poors Corp. announced on Mar. 25 that it had upgraded Columbias debt rating from AA+ to AAA.
Standard & Poors upgraded rating confirms the Universitys progress over the last several years in key areas, said John Masten, executive vice president for finance. Were very pleased to see this.
Only eight other universities have received Standard & Poors top credit rating. These are: CalTech, Grinnell, Harvard, MIT, Princeton, Rockefeller, Stanford and Yale. Columbia has held the top Aaa rating from Moodys Investors Services since 1988.
Standard & Poors cited several reasons for the upgrade, including the growing desirability and selectivity of the undergraduate and graduate programs; endowment growth fueled by both a strong investment market and a successful fund-raising campaign; and effective financial management strategies employed in the Universitys operating and capital spending plans.